South Korea Election: Early Voting Starts Amid Covid Case Surge

(Bloomberg) -- South Korea kicked off two days of early voting as the country battles a record wave of coronavirus infections, while data showed inflation unexpectedly accelerated in February as rising costs weighed on voters.

New daily cases hit a new peak of 266,853 as 3,552 polling stations opened Friday for early voting. March 9 is election day and health ministry data indicates nearly one million people are expected to be under some sort of Covid-19 home treatment. Voters are required to spray sanitizer on their hands and then wear plastic gloves before casting their ballots, while election workers will be in protective gear, according to the national election commission.

The two main candidates -- progressive Lee Jae-myung of the ruling Democratic Party and Yoon Suk-yeol of the main conservative People Power Party -- were on national tours to rally support. Yoon received a major boost Thursday when another conservative contender suspended his campaign and offered support -- a move that likely nudged Yoon slightly ahead in a race that has been neck-and-neck.

Inflation has jumped to the forefront of concerns among South Koreans and could worsen as the crisis in Ukraine threatens to disrupt global supply chains. The central bank's three interest-rate hikes since August have so far failed to cool prices.

President Moon Jae-in, who is looking to pass the baton to fellow ruling party member Lee, cast his ballot at the start of early voting. Moon's prime minister and his point man for pandemic management, Kim Boo-kyum, tested positive for Covid-19 on Thursday, a reminder of the toll the current virus wave has been taking on the country.

Countdown:

Five days to go before the March 9 election day. The winner of the single-round, nationwide poll becomes the next president and will serve one five-year term. The new leader will be sworn in on May 10 and replaces incumbent Moon.

Candidates:

Yoon Suk-yeol, 61, of the conservative People Power Party and a former prosecutor general
Lee Jae-myung, 57, of Moon's Democratic Party and a former governor of Gyeonggi, the country's most populous province
Sim Sang-jung, a minor candidate with the Justice Party who also ran unsuccessfully for president in 2017

Yoon and Lee are the clear front-runners for the race that looks to be the most wide open for president since the advent of full democracy about 35 years ago.

Key stories and developments:

South Korea's Inflation Accelerates Ahead of Presidential Vote
South Korean Asset Managers Freeze Russia Funds Amid Sanctions
Here Are the Contenders to Be South Korea's Next President
South Korean Exports Remain Resilient as Geopolitical Risks Mount
North Korea Resumes Missile Tests as Ukraine Tensions Mount

Media roundup:

South Korea to Supply $10M Aid to Ukraine, Moon Tells Zelenskiy
S. Korea to Get Exemption From U.S. Export Sanctions on Russia
S.Korea 4Q GDP Rose 1.2% Q/q, Revised from 1.1% Estimate
South Korea Prime Minister Tests Positive for Covid-19
S. Korea to Extend Fuel Tax Cuts by 3 Months, Finance Chief Says

Polls:

Poll have offered varying assessments of who is leading. According to final polls, both Lee and Yoon were in the 40% range, with Yoon slightly ahead. No new polling is allowed to be published from after Thursday until voting ends on election day.

Minor South Korean conservative presidential candidate Ahn Cheol-soo halted his campaign Thursday and threw his support behind Yoon. Polling taken just before the suspension showed the move would push Yoon ahead by a few percentage points in a hypothetical two-way race with Lee. Ahn had been polling at about 10% before he dropped out.

Another factor that may benefit Yoon is that about 54% of voters want a change of power from the progressives, according a survey by Korea Information Research released last Wednesday. The poll also said only 37.4% wanted Moon's Democratic Party to stay in the presidential Blue House.